Is buying off plans abroad a good idea?
What is your view of buying property off the plans, specifically in a foreign country. My daughter is interested in an apartment in Turkey.
Isn't it strange that people who would not buy a blouse for €20 without first trying it on and having a good gawk at themselves in the mirror are quite happy to slap down their life savings on something they haven't seen in a place they have never visited.
Buying off the plans in Ireland has been relatively common, especially during the recent property boom, but in those cases, a developer usually showed a show flat and then buyers could at least walk around the neighbourhood checking out local amenities, and so on.
Obviously when buying a foreign property off the plans the buyer misses the crucial step of actually seeing the location.
Given the size of the potential investment, your daughter should spend €1,000 on a fact-finding mission to the part of Turkey that she is interested in. When there, she should talk to a local agent who has apartments for sale in various developments, old and new.
That way she will get a good idea of the overall market. Visit the site of the apartment currently been sold off the plans and see if they are as close to the beach/town as promised. They may be perfect, but she won't really know unless she sees for herself.
Many a buyer has believed the long distance hype only to discover that the view of the sea is a tiny gap between two massive high rises and that they are adjacent to a busy nightclub.
Before she buys anything, she should get tax and legal advice, as should anyone contemplating buying property abroad.
Can I take agent's sales talk at face value?
I am as suspicious of sales talks as the next person, but an agent told me last week when I enquired about buying in Poland, that appreciation is running at 100 per cent there and I should get in quick, could that be true?
Poland is the star performer in terms of property in Europe. The Royal Institute of Chartered Surveyors in Britain latest survey shows that overall property in that country increased by 33 per cent. In Krakow, the rise was 58 per cent and in the medieval centre of that city where property is very beautiful the increase was 100 per cent. So, as usual, it's location, location, location.
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